The global fragrances market was valued at USD 41.8 billion in 2018 and forecast to grow to USD 52.4 billion by 2025.
This expansion is driven by the increasing demand for personal care products and premium luxury and exotic fragrances in the global market. Premium perfumes accounted for the largest share - more than 65% in 2020. The growth has surpassed that of mass fragrance products in the last few years owing to a greater emphasis on quality, personalization, and a growing preference for unique, handcrafted, and exotic fragrances. The offline channel accounted for more than 70% market share in 2020*. Consumers prefer this channel to purchase their products due to the availability of a wide range of options as well as being able to try the product before any purchase. The offline segment is mainly driven by sales from specialty stores that offer premium products.